Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 666 — Certain transfers by or to nominees or trustees treated as made by or to others
Certain transfers by or to nominees or trustees treated as made by or to others 666 1 Transfers of securities by or to a person as nominee for another person (“A”) are treated for the purposes of…
Section 667 — Trustees' accrued income profits treated as settlement income
Trustees' accrued income profits treated as settlement income 667 1 If the trustees of a settlement are treated as making qualifying accrued income profits, those profits are to be taken to be income…
Section 668 — Relief for unremittable transfer proceeds: general
Relief for unremittable transfer proceeds: general 668 1 This section applies if— a a person is liable for income tax on accrued income profits, b the profits are calculated by reference to payments…
Section 669 — Relief for unremittable transfer proceeds: section 630 profits
Relief for unremittable transfer proceeds: section 630 profits 669 1 This section applies if— a a person is liable for income tax on accrued income profits within section 630(2) (making accrued…
Section 670 — Withdrawal of relief
Withdrawal of relief 670 1 This section applies if— a a claim under section 668(2) or 669(2) has been made in relation to profits, and b the proceeds of the transfers cease to be unremittable. 2 The…
Section 670A — Individuals to whom remittance basis applies
Individuals to whom remittance basis applies 670A 1 This section applies if— a accrued income profits are made by an individual as a result of a transfer of foreign securities, and b section 809B,…
Section 671 — Meaning of “interest”
Meaning of “interest” 671 1 In this Chapter “ interest ” includes dividends and any other return (however described). 2 But it does not include a return consisting of the difference between the…
Section 672 — Meaning of “interest payment day”
Meaning of “interest payment day” 672 1 In this Chapter “ interest payment day ”, in relation to securities of any kind, means a day on which interest on those securities is payable. 2 If a…
Section 673 — Meaning of “interest period”
Meaning of “interest period” 673 1 The general rule is that for the purposes of this Chapter— a the first interest period of securities of any kind begins with the day after that on which those…
Section 674 — Meaning of “the settlement day”
Meaning of “the settlement day” 674 1 For the purposes of this Chapter the settlement day for a transfer of securities in accordance with the rules of a recognised market is— a the day on which the…
Section 675 — The holding of securities
The holding of securities 675 1 For the purposes of this Chapter, a person holds securities— a at a particular time if the person is entitled to them at that time, and b on a particular day if the…
Section 676 — Nominal value of securities: general
Nominal value of securities: general 676 1 If the interest on securities is expressed to be payable by reference to a given value, for the purposes of this Chapter their nominal value is that value.…
Section 677 — Nominal value: foreign currency securities
Nominal value: foreign currency securities 677 1 If the nominal value of securities is expressed in a currency other than sterling (“a foreign currency”), for the purposes of this Chapter their…
Section 678 — Exemptions relating to interest on securities: preliminary
Exemptions relating to interest on securities: preliminary 678 1 This Chapter confers exemptions relating to interest on securities. 2 Expressions used in this Chapter and in Chapter 2 have the same…
Section 679 — Interest on securities involving accrued income losses: general
Interest on securities involving accrued income losses: general 679 1 This section applies if— a a person is liable for income tax on interest on securities of any kind which is due at the end of an…
Section 680 — Interest on securities involving accrued income losses: foreign trustees
Interest on securities involving accrued income losses: foreign trustees 680 1 This section applies if— a the trustees of a settlement are non-UK resident ... throughout a tax year in which an…
Section 680A — Income treated as savings income or dividend income
Income treated as savings income or dividend income 680A 1 Subsections (2) and (3) apply to income if it— a is treated under section 656(3) or 657(4) (gross amount of estate income treated as bearing…
Section 681 — Unrealised interest received by transferee after transfer
Unrealised interest received by transferee after transfer 681 1 This section applies if— a securities are transferred with unrealised interest, b the transferee is not an excluded transferee in…
Section 681A — Overview
Overview 681A This Chapter provides that in certain circumstances where a transfer is made regarding land, and the transferor or an associate becomes liable to make a payment connected with the land,…
Section 681AA — Transferor or associate becomes liable for payment of rent
Transferor or associate becomes liable for payment of rent 681AA 1 Section 681AD has effect if— a land, or an estate or interest in land, is transferred, b the transferor, or a person associated with…
Section 681BA — New lease after assignment or surrender
New lease after assignment or surrender 681BA 1 This Chapter has effect if each of conditions A to E is met. 2 Condition A is that— a a person (“L”) is a lessee of land under a lease which has 50…
Section 681CA — Professions and vocations
Professions and vocations 681CA In this Chapter a reference to a trade includes a reference to a profession or vocation.
Section 681DA — Application of the Chapter
Application of the Chapter 681DA This Chapter applies if— a condition A is met (see section 681DB), and b condition B, C, D or E is met (see section 681DC).
Section 681AB — Transferor or associate becomes liable for payment other than rent
Transferor or associate becomes liable for payment other than rent 681AB 1 Section 681AD has effect if— a land, or an estate or interest in land, is transferred, b the transferor, or a person…
Section 681B — Overview
Overview 681B 1 This Chapter provides that in certain circumstances where a lease of land is assigned or surrendered and another lease is granted or assigned— a consideration received for the…
Section 681BB — Taxation of consideration
Taxation of consideration 681BB 1 An appropriate amount must be found under subsection (3) or (4) of— a the consideration received by L for the assignment or surrender, or b each instalment of the…
Section 681CB — Leased trading assets
Leased trading assets 681CB 1 Section 681CC has effect if— a condition A is met, and b condition B or C is met. 2 Condition A is that— a a payment is made by a person under a lease of a relevant…
Section 681DB — Payment under lease
Payment under lease 681DB 1 Condition A is that— a a payment is made under a lease of a relevant asset, and b the payment is one for which a deduction by way of relevant tax relief is allowed. 2…
Section 681AC — Relevant income tax relief and relevant deduction from earnings
Relevant income tax relief and relevant deduction from earnings 681AC 1 For the purposes of this Chapter each of the following is a deduction by way of relevant income tax relief— a a deduction in…
Section 681BC — Position where new lease does not include all original property
Position where new lease does not include all original property 681BC 1 This section applies for the purposes of section 681BB if the property which is the subject of the new lease does not include…
Section 681C — Overview
Overview 681C This Chapter provides that, in certain circumstances where a payment is made under a lease of a trading asset, income tax relief for the payment is restricted.
Section 681CC — Tax deduction not to exceed commercial rent
Tax deduction not to exceed commercial rent 681CC 1 The rules in subsection (3) apply to the calculation of the deduction by way of relevant income tax relief allowed in a relevant period— a for the…
Section 681DC — Sum obtained
Sum obtained 681DC 1 Condition B is that the person making the payment— a obtains a capital sum in respect of the lessee's interest in the lease, and b is within the charge to income tax. 2 Condition…
Section 681AD — Relevant income tax relief: deduction not to exceed commercial rent
Relevant income tax relief: deduction not to exceed commercial rent 681AD 1 The rules in subsection (3) apply to the calculation of the deduction by way of relevant income tax relief allowed in a…
Section 681BD — Relief for rent under new lease
Relief for rent under new lease 681BD 1 This section applies if the rent under the new lease is payable by a person within the charge to income tax. 2 This section also applies if— a Chapter 2 of…
Section 681CD — Long funding finance leases
Long funding finance leases 681CD 1 This section applies for the purposes of section 681CC. 2 A payment must be excluded so far as, in the case of the lessee, it is to be regarded in accordance with…
Section 681D — Overview
Overview 681D This Chapter provides that in certain circumstances where a payment is made under a lease of an asset, and a capital sum is obtained in respect of an interest in the asset, income tax…
Section 681DD — Charge to income tax
Charge to income tax 681DD 1 The person obtaining the capital sum is charged to income tax, for the tax year in which the sum is obtained, on the amount given by subsection (2). 2 That amount is— a…
Section 681AE — Deduction from earnings not to exceed commercial rent
Deduction from earnings not to exceed commercial rent 681AE 1 Subsection (3) applies to the calculation of the relevant deduction from earnings allowed for the non-excluded element of the payment…
Section 681BE — New lease treated as ending
New lease treated as ending 681BE 1 Sections 681BF to 681BH treat the new lease as ending in certain circumstances for the purposes of this Chapter. 2 If any of those provisions apply in a given…
Section 681CE — Commercial rent
Commercial rent 681CE 1 Subsection (3) applies for the purpose of making a comparison under rule 4 of section 681CC(3). 2 In this section “ the actual lease ” means the lease mentioned in section…
Section 681DE — Hire-purchase agreements
Hire-purchase agreements 681DE 1 This section applies if— a the lease is a hire-purchase agreement (as defined in section 998A), and b the capital sum is obtained in respect of the lessee's interest…
Section 681AF — Carrying forward parts of payments
Carrying forward parts of payments 681AF 1 This section applies if— a section 681AE has effect, and b conditions A and B are met. 2 Condition A is that under section 681AE part of a payment which…
Section 681BF — Position where rent reduces
Position where rent reduces 681BF 1 If the rent for a relevant period exceeds the rent for the following comparable period, the term of the new lease must be treated as ending on the date when the…
Section 681CF — Lease
Lease 681CF 1 This section applies for the purposes of this Chapter. 2 A lease is (in relation to an asset) an agreement or arrangement under which payments are made for the use of or otherwise in…
Section 681DF — Adjustments where sum obtained before payment made
Adjustments where sum obtained before payment made 681DF 1 This section applies if a capital sum is obtained as mentioned in section 681DC and later a payment is made as mentioned in section 681DB. 2…
Section 681AG — Aggregation and apportionment of payments
Aggregation and apportionment of payments 681AG 1 This section applies for the purposes of section 681AE. 2 If more than one payment is made for the same period, the payments must be taken together.…
Section 681BG — Position where lease may be ended
Position where lease may be ended 681BG 1 This section applies if under the new lease the lessor, or L or a person linked to L, has power to end the lease before the end of the term for which it was…
Section 681CG — Relevant asset
Relevant asset 681CG For the purposes of this Chapter a relevant asset is any description of property or rights other than land or an interest in land.
Section 681DG — Sum obtained in respect of interest
Sum obtained in respect of interest 681DG A reference in this Chapter to a sum obtained in respect of an interest in an asset (whether the lessee's interest in a lease of the asset or the lessor's…